Technavio, a tech-focused market research firm, has published a new report on the global food enzymes market, which is expected to experience a slow but steady growth rate with a CAGR of around 7% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects of the global food enzymes market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global food enzymes market into the following key regions: APAC, EMEA, North America, and South and Central America.
Geographical segmentation of the global food enzymes market for 2015 (market share %)
|
North America |
40.22% |
|
EMEA |
29.78% |
|
APAC |
25.11% |
|
South and Central America |
4.89% |
Source: Technavio
North America: Largest revenue generating region for food enzymes
The food enzymes market in North America was valued at almost $718 million in 2015 and is expected to grow at a CAGR of about 8% by 2020. The North American market for food enzymes is primarily driven by the increasing consumption of proteases and lipases. Such increased consumption in the region is providing new potential and opportunities to vendors to expand their product portfolios in the market. The players will concentrate on producing a wide range of offerings to increase their consumer base in the market. The US was the largest revenue contributor in the North American market during 2015.
“The increasing number of health and fitness conscious consumers will drive the market growth during the forecast period. Such individuals are boosting the use of enzymes in fortified and premium food products in the region. The growth in the bakery segment and increased meat export activities in North American countries like the US will propel the growth of the enzymes market in the area. Moreover, the rising consumption of meat and meat products among the population will increase the use of enzymes in animal feed,” says Swapnil T S, a lead analyst at Technavio for research on additives, adhesives, and sealants.
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Food enzymes market in EMEA
The food enzymes market in EMEA was valued at close to $532 million in 2015 and is expected to grow at a CAGR of about 7% by 2020. The consumption of food enzymes is the highest in the beer and convenience foods industries which in turn will drive the growth of the market in Europe. European countries like the Czech Republic, Austria, and Germany are among the top 10 beer drinking nations in this region. The increased consumption of frozen foods and bakery products will also increase the demand for food enzymes in the European market. The enzymes market is still evolving in the MEA and African countries Nigeria, Egypt, Libya, and South Africa will be the highest revenue contributor in the region. The rapid economic development and rising disposable incomes will result in new opportunities for vendors to expand their business activities in these areas during the forecast period.
Food enzymes market in APAC
The food enzymes market in APAC was valued at around $448 million in 2015 and is expected to grow at a CAGR of almost 8% by 2020. The growth in the food and beverage industry in the APAC region will aid in the evolution of the market in this region. China and India are the major revenue contributors in the APAC market. India is the third largest producer and supplier of enzymes across the world. These enzymes are used in various industries that include beverage, brewing, baking, healthcare, fruit juice, starch and alcohol, and animal health. The growing demand for enzyme-based supplements in the area will drive the market during the forecast period. China is the leading manufacturer and exporter of these enzymes worldwide due to the availability of low-cost labor, favorable government subsidies, packages, and downstream processing capacity additions. The rising demand for enzyme rich processed foods and dairy products in China will lead to the growth of the market. Such developments in the Indian and Chinese market will help APAC to maintain the market position over the period of next four years.
Food enzymes market in South and Central America
The food enzymes market in South and Central America was valued at about $87 million in 2015 and is expected to grow at a CAGR of almost 5% by 2020. Countries like Argentina, Brazil, Chile, Colombia, Ecuador, Peru, and Venezuela are the largest revenue contributors in this region. The economic development in the area is encouraging players to set up breweries, wineries, and cereal processing industries which in turn, will lead to the growth of the food enzyme market in South and Central American market. Moreover, rise in beverage processing capacities will increase the requirement for food enzymes in this market.
The top leading vendors operating in the global food enzymes market are:
- Amway
- BASF
- DuPont Danisco
- DSM
- Novozymes
Other prominent vendors in the market include AB Enzymes, Amano, Aum Enzymes, Nutriteck, and Roche.
A more detailed analysis is available in the Technavio report titled, ‘Global Food Enzymes Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Food Additives Market in the US 2016-2020
- Global Agricultural Enzymes Market 2015-2019
- Global Industrial Enzymes Market 2015-2019
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